Thread by @bbaue

"So far, ISSB is just 'blah, blah, blah.’”

Significant that this opinion (riffing on Greta) comes from @SASB Founder Jean Rogers (now Head of ESG at Blackstone), seeing as ISSB absorbed SASB.

Great to see Jean expressing independence from entanglements!

greenbiz.com/article/bob-ec…

@SASB She adds: "Adopting standards before following due process that their own constitution requires is concerning right out of the gate.”

@ProfCarolAdams also identified this fatal flaw.

@SASB Rogers continues: "The second area of concern is the lack of harmonization with GRI and the EU, as the EU is a major IFRS jurisdiction.

It’s just setting up a needless power struggle, and nothing will have been accomplished — just a different flavor of soup."

@SASB "Companies are caught in the crosshairs of political posturing & standards setters are providing an excuse for inaction

[C]ompanies will begin ... developing their own metrics ... because the chaos is impractical to implement

There will be a backlash if things don’t stabilize"

@SASB Rogers: "The opportunity for ISSB is not to achieve global standardization, but to align global markets around an approach to susty standards setting & core principles ... allowing for jurisdictional differences in implementation.”

Thus it’s vital for ISSB to embrace thresholds!

@SASB Rogers: "Using the language of performance is critical to achieve progress on anything.”

This is why @GRI_Secretariat removing the language of performance from the Sustainability Context Principle in its new Universal Standards is a fatal move.

@SASB @GRI_Secretariat Rogers concludes: "We have to use baseline data to present performance in context.”

I can assure you that her use of the term “context” is not accidental, but a conscious reference to the Sustainability Context Principle.